Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.02% against the USD and closed at USD19.74 per barrel on Friday, after the Organisation of the Petroleum Exporting Countries (OPEC) and its allies embarked on record production cuts to tackle a supply glut due to the coronavirus crisis. Additionally, Baker Hughes reported that US oil drilling rig count dropped by 53 to 325 in the week ended 1 May 2020.
In the Asian session, at GMT0300, the pair is trading at 18.53, with oil trading 6.13% lower against the USD from Friday’s close, amid US-China trade tensions.
The pair is expected to find support at 17.60, and a fall through could take it to the next support level of 16.67. The pair is expected to find its first resistance at 19.93, and a rise through could take it to the next resistance level of 21.33.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
